How do you want to pay for that?

This is the second installment of a series of articles on the Future of Banking…What it’s Not! You can read the first installment by clicking here

by: Tommy Loo

Apple Pay. How will this change the future of the payment process as well as influence Omni-Channel delivery for financial institutions? Ultimately, if the desire of Apple is to facilitate P2P payments by becoming the channel of choice for these transactions…What impact will this have on the technology investment that has already been made?

A three year study by Scratch, a unit of Viacom, found that 73% of Millennials would be more excited about a new offering in financial services from Apple, Google, or Amazon than their financial institution. (Yikes!)

My thoughts are P2P and P2B transaction will be the preferred channel to conduct commerce in the future. Financial institutions need to focus efforts on developing products to facilitate and engage this channel.

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